Progressive Care Inc (OTCMKTS:RXMD) shares were up 10.23% on Thursday to $0.0191 and were flat in after-hours trading. Share prices have been trading in a 52-week range of $0.01 to $0.04. The company has a market cap of $6.58 million at 345.05 million shares outstanding.
In a press release, Progressive Care Inc announced that it has agreed to amend its agreement with Chicago Venture Partners. Earlier in the month, the company executed a a Global Amendment to its Securities Purchase Agreement with Chicago Venture Partners, which was originally executed on July 22, 2016.
This amendment was in exchange for a pre-payment of accrued interest to date in the amount of $36,114.12 and Chicago Ventures has agreed to a 3 month extension for the first installment payment on the Note issued July 22, 2016. The first installment is due October 22, 2017 in the amount of $220,500 and the remaining balance on the note of approximately $60,000 will be due November 22, 2017.
“Due to the current market conditions for the Companys common stock, we came to an agreement with Chicago Ventures that conversion of the installment payment into stock was not in the shareholders best interests,” stated S. Parikh Mars, CEO of Progressive Care Inc. “This amendment allowed us to make the interest payment in cash and gave us the time to work diligently on delivering results to our shareholders and increase the market value of the company.”
Progressive Care Inc is a health services company through its subsidiary PharmCo LLC. The company is engaged in providing prescription pharmaceuticals specializing in health practice risk management, compounded medications, the sale of anti-retroviral medications and related medication therapy management, and the supply of prescription medications to long term care facilities.
It is a health services organization focused on developing the PharmCo brand. The Company also provides 340B services to community organizations, patient health risk reviews, free same-day delivery and serves as a case management access point. PharmCo specializes in formularies, such as non-narcotic topical pain creams, wound care creams, scar gels and hormone replacement therapies. It offers EnovaRx, which are Food and Drug Administration approved manufactured pain creams that are readily available with a prescription.